NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Pacholder High Yield Fund, Inc.
Data as of March 31, 2012
Fund overview
Objective
A closed-end fund that seeks a high level of current income
by investing primarily in a diversified portfolio of debt
securities that are rated below investment grade or unrated.
Capital appreciation is a secondary objective.
Strategy
Yield Spread
This chart represents the difference in yield (spread),
as expressed in basis points, between the Credit Suisse First
Boston High Yield Index Developed Countries Only and Treasury
Notes. Average: 637; March 2012: 621.
Average Spread
2,000
1,500
1000
500
0
98 99 00 01 02 03 04 05 06 07 08 09 10 11 3/12
• Invests in all types of high-yield, high-risk debt
securities.
• Focuses on value by looking at individual securities
against the context of broader market factors.
• Monitors investments by staying abreast of positive and
negative credit developments and having regular discussions
with senior management of issuers of the Fund's
investments.
Portfolio managers/industry experience
William J. Morgan, lead portfolio manager; 30 years James P.
Shanahan, portfolio manager; 26 years James E. Gibson,
principal trader; 24 years
Portfolio characteristics**
Symbol PHF Inception date 11/17/1988
Number of issuers 660
Fund assets -
common shares (in millions) $107.5
Outstanding preferred
shares (in millions) $43
Stock price $9.01
NAV $8.29
Premium/discount (%) 8.68
Common shares issued 12,971,057
Dividend yield (%) 10.20
Estimated undistributed net investment income
per common share $0.09
Yield to maturity (%)***
Under 9% 74.6
9.0%-9.9% 5.7
10.0%-10.9% 6.2
11.0%-11.9% 2.5
12.0% and over 11.0
Average maturity 7.94 years
Average life (%)***
Less than one year 4.5
Years 1-5 62.3
Years 6-10 25.2
Years 11-20 8.0
Quality (%)***
Credit Suisse First Boston High Yield Index Developed
Countries Only. Prior to 1999, the benchmark was the Credit
Suisse First
Boston High Yield Index. The data does not include applicable
sales charges, and does not depict or predict the performance
of
the Fund or the indices. Past performance of the market does
not guarantee future results. Fund shares, when sold, may be
worth
more or less than their initial cost. It is not possible to
invest in the indexes shown.
Total returns Average annual total returns
Total returns at NAV* (%) as of 3/31/12 Latest QTR YTD | 1 yr 3 yrs 5 yrs 10 yrs |
Net asset value per common share 8.05 8.05 | 2.19 38.12 7.64 13.29 |
Market value per common share 3.13 3.13 | 15.54 47.18 9.89 11.66 |
Lipper High Current Yield Funds Index 5.74 5.74 | 4.62 21.77 5.74 7.64 |
Credit Suisse First Boston High Yield Index Developed Countries Only 5.03 5.03 | 6.77 22.71 7.55 9.29 |
Calendar-year returns* (%) 2007 2008 2009 2010 2011
Net asset value per common share 1.36 -48.01 112.50 24.10
0.39
Market value per common share -9.01 -47.76 126.57 27.90
17.09
Lipper High Current Yield Funds Index 2.13 -28.84 49.49 14.91
2.85
Credit Suisse First Boston High Yield Index
Developed Countries Only 2.54 -26.09 54.33 14.39 5.46
*The performance quoted is past performance and is not a guarantee of future results. Closed-end funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end please call 1-877-217-9502.
Morningstar ratings as of 3/31/12 Overall 3 year 5 year 10
year
Rating/number of funds in category